Jed McCaleb’s Path to Blockchain Supremacy
Despite decentralized programming only just now becoming popular, Jed McCaleb has been working with decentralized protocols in nearly every industry he has been a part of. Jed McCaleb’s experiences consist of being a member of the peer to peer file sharing industry and the video game industry. Now with Jed McCaleb as CTO, Stellar is making leaps and bounds towards bringing blockchain technology to the financial world.
Even with his prior experience using decentralized protocols for things like file sharing, Jed McCaleb didn’t join the cryptocurrency world until after it had picked up steam. “I remember feeling like it would be really cool if there was a kind of money that wasn’t centrally controlled,” Jed McCaleb said. “I didn’t think it was actually possible.”
When McCaleb found out about bitcoin, he completely renovated his current company Mt. Gox. McCaleb transformed Mt. Gox from a trading platform for video game players to a centralized exchange network for bitcoin. This was the first platform of its types. Previously, there were other networks, but they required users to arrange the transaction personally. Mt. Gox created a true trading platform; Mt. Gox accounted for nearly 80% of all bitcoin trading during its peak operation.
In 2014, McCaleb used his expert knowledge to create a true juggernaut in the cryptocurrency world. He created Stellar. “The vision for Stellar is an internet-level protocol for payments.” McCaleb began. “The thought is that you need to not only connect the large banks, but you need to connect all the different financial institutions.”
Stellar wants to help banks move away from traditional payment methods. Stellar believes its protocol stands above the methods used by competitors. “Every transaction doesn’t have to be on the Stellar network,” McCaleb explained. “You just want the ones that are bridging across the networks.”
Stellar is already partnered with IBM and several financial institutions all over the world.
McCaleb recently teased an even bigger partnership, but he refused to mention the company by name. McCaleb merely mentioned that this new partnership would position Stellar to become a global payments system.